"We are pleased to report that an agreement has been reached with Time Warner Cable. As a result, Time Warner Cable subscribers may continue to watch our local news and programming without disruption," the company said in a statement provided to TheWrap. "This fair resolution ensures that we can continue to provide top quality news, sports, entertainment, and other local programming that is most important to our viewers."

The companies' previous agreement was scheduled to expire at 5 p.m. ET on Friday.

LIN did not disclose the terms of the new agreement. However, Time Warner Cable had claimed that LIN was seeking a 50 percent fee increase.

LIN, meanwhile, countered that it was only seeking a "fraction" of what TWC pays for AMC, MTV, Animal Planet, E! and other cable networks.

"Time Warner has yet to recognize the fair value of our programming," LIN said in a statement last week. "Our stations are important assets to the local community and we only want what is fair."